ECONOMY

NBG to hold new shareholder vote on Eurobank deal

Greece’s largest lender National Bank will hold another shareholder meeting on November 12 for a vote on its offer to take over rival Eurobank after Tuesday’s assembly did not achieve the required quorum.

National Bank had made a share-swap offer in early October to buy all of rival Eurobank, offering 58 new shares for every 100 Eurobank shares.

Greece’s biggest banks are merging to cope with heavy losses from the country’s debt restructuring, heavy deposit outflows and rising bad loans.

Completion of this deal will give NBG shareholders 75 percent of the combined entity, with Eurobank shareholders owning the rest.

Tuesday’s assembly required two-thirds of the bank’s common voting shares present but achieved only 19 percent. A quorum of 50 percent will be required at the assembly in November. [Reuters]